Due Diligence Associate Specialist

Key Purpose

• The FAIS Centre of Excellence is a compliance function within Group Compliance that provides compliance oversight and advisory services to Discovery FSPs, Key Individuals, and Representatives. The purpose of this role is to assess the quality of financial advice provided by Representatives ensuring compliance with regulatory requirements, internal policies, Treating Customers Fairly TCF principles, and industry best practices. The role involves assessing client files, identifying regulatory and conduct risks, and preparing clear, concise assessment reports with findings and recommendations. The incumbent must have a clear and in depth understanding of the Discovery shared value model and the specific businesses within scope, to be able to make decision that will drive compliance deliverables and promotes successful outcomes to these business areas. Strong relationships with Distribution business stakeholders are essential to foster trust, provide effective compliance guidance, and support initiatives that align with business and regulatory requirements.

Areas of responsibility

The successful candidate will be required, primarily, but not limited to:

• Conduct quality of advice assessments to evaluate compliance with FAIS requirements, regulatory standards, and Treating Customers Fairly TCF principles.
• Assess the suitability, appropriateness, and completeness of financial advice and identify compliance risks, trends, control weaknesses, training needs, and required corrective actions.
• Prepare clear and timely assessment reports, providing findings, recommendations, and feedback to Compliance Officers, management, and relevant stakeholders.
• Monitor and follow up on the implementation of agreed corrective actions, escalating significant breaches and emerging risks where necessary.
• Build and maintain effective relationships with Key Individuals, representatives, juristic representatives, management, and other stakeholders to support a culture of compliance.
• Recommend improvements to advice processes, controls, procedures, and systems to enhance advice quality and regulatory compliance.
• Stay abreast of regulatory developments, FSCA guidance, industry trends, and legislative changes impacting advice and intermediary services.
• Contribute to compliance awareness and training initiatives aimed at improving advice quality and regulatory compliance.
• Perform administrative duties and ensure adherence to standard operating procedures, service level agreements, daily targets, and team objectives.

Education and Experience

• 3 years of working experience in a financial services compliance role
• Relevant tertiary education
• Recognised compliance qualification from accredited institution
• Certified Financial Planner CFP advantageous
• Member of CISA, FPI would be advantageous.

Skills and Personal Attributes

• Sound knowledge of South African FAIS legislation, financial products and the financial planning and advice process.
• Strong analytical and attention-to-detail skills to identify risks, gaps and trends.
• Highly process-driven, delivering accurate and consistent reviews in line with established quality and compliance standards.
• Strong written and verbal communication skills, with the ability to articulate findings, provide constructive feedback, and produce professional reports.
• Ability to maintain concentration for extended periods and delivering quality results, while meeting operational deadlines.